Spectral AI Inc. Financials
This page shows Spectral AI Inc. (MDAI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Steady mid-40s gross margins have not translated into self-funding operations, leaving the company reliant on external capital to cover burn.
Gross margin held around45.0% even as operating cash outflow stayed near-$10M , which points away from a product-level collapse and toward a cost structure that remains too large for the present revenue base. The stronger year-end cash balance of$15.4M came with financing inflow of$20.1M , so liquidity improved because capital was raised, not because losses started converting into cash.
Current assets nearly matched current liabilities, but a current ratio of 0.9x still means short-term obligations slightly outran near-term resources at year-end. With total liabilities above total assets and equity remaining negative, the balance sheet is being supported by outside capital rather than by accumulated profits.
Most recently, selling and administrative expense of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Spectral AI Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Spectral AI Inc. scores -3.01, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($50.3M) relative to total liabilities ($27.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Spectral AI Inc. passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Spectral AI Inc. generates $1.31 in operating cash flow (-$9.9M OCF vs -$7.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Spectral AI Inc. earns $-8.6 in operating income for every $1 of interest expense (-$8.6M vs $1.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Spectral AI Inc. generated $19.6M in revenue in fiscal year 2025. This represents a decrease of 33.6% from the prior year.
Spectral AI Inc.'s EBITDA was -$8.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 29.8% from the prior year.
Spectral AI Inc. reported -$7.6M in net income in fiscal year 2025. This represents an increase of 50.1% from the prior year.
Spectral AI Inc. earned $-0.29 per diluted share (EPS) in fiscal year 2025. This represents an increase of 65.9% from the prior year.
Cash & Balance Sheet
Spectral AI Inc. held $15.4M in cash against $5.5M in long-term debt as of fiscal year 2025.
Spectral AI Inc. had 31M shares outstanding in fiscal year 2025. This represents an increase of 35.8% from the prior year.
Margins & Returns
Spectral AI Inc.'s gross margin was 45.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.6 percentage points from the prior year.
Spectral AI Inc.'s operating margin was -43.8% in fiscal year 2025, reflecting core business profitability. This is down 21.5 percentage points from the prior year.
Spectral AI Inc.'s net profit margin was -38.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 12.7 percentage points from the prior year.
Capital Allocation
MDAI Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.0M-2.3% | $4.1M+7.8% | $3.8M-25.1% | $5.1M-24.5% | $6.7M-11.8% | $7.6M-7.0% | $8.2M+9.3% | $7.5M |
| Cost of Revenue | $2.0M-12.3% | $2.2M+3.2% | $2.2M-21.8% | $2.8M-21.6% | $3.5M-16.8% | $4.3M-5.5% | $4.5M+8.2% | $4.2M |
| Gross Profit | $2.0M+9.8% | $1.8M+13.9% | $1.6M-29.2% | $2.3M-27.7% | $3.2M-5.4% | $3.3M-8.7% | $3.7M+10.7% | $3.3M |
| R&D Expenses | $2.0M | N/A | N/A | N/A | $3.6M | N/A | N/A | N/A |
| SG&A Expenses | $4.0M-2.2% | $4.1M-17.6% | $5.0M+12.4% | $4.4M+8.6% | $4.1M-8.9% | $4.5M-2.1% | $4.6M-20.9% | $5.8M |
| Operating Income | -$2.0M+12.1% | -$2.2M+32.9% | -$3.3M-57.4% | -$2.1M-136.9% | -$896K+19.4% | -$1.1M-25.4% | -$886K+63.7% | -$2.4M |
| Interest Expense | $258K | N/A | $300K | N/A | $1.0M | N/A | $8K | N/A |
| Income Tax | -$10K+76.7% | -$43K-2250.0% | $2K+110.5% | -$19K-126.8% | $71K+607.1% | -$14K-137.8% | $37K-46.4% | $69K |
| Net Income | -$3.4M-424.3% | $1.1M+129.6% | -$3.6M+55.4% | -$8.0M-375.0% | $2.9M+138.2% | -$7.6M-404.3% | -$1.5M+47.5% | -$2.9M |
| EPS (Diluted) | $-0.11 | N/A | $-0.13+58.1% | $-0.31-381.8% | $0.11 | N/A | $-0.08+50.0% | $-0.16 |
MDAI Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $17.7M-17.2% | $21.4M+39.9% | $15.3M-4.4% | $16.0M-22.7% | $20.7M+71.3% | $12.1M+4.2% | $11.6M-16.5% | $13.9M |
| Current Assets | $16.0M-17.8% | $19.5M+44.5% | $13.5M-3.8% | $14.0M-25.2% | $18.7M+85.0% | $10.1M+6.6% | $9.5M-18.6% | $11.7M |
| Cash & Equivalents | $11.7M-24.0% | $15.4M+46.7% | $10.5M0.0% | $10.5M-25.5% | $14.1M+171.2% | $5.2M+40.5% | $3.7M-46.2% | $6.9M |
| Inventory | $831K-0.8% | $838K+84.6% | $454K-1.7% | $462K+5.7% | $437K+2.8% | $425K-4.1% | $443K+65.9% | $267K |
| Accounts Receivable | $1.2M-6.5% | $1.3M+28.0% | $990K-32.5% | $1.5M-30.2% | $2.1M-16.0% | $2.5M-11.6% | $2.8M+23.5% | $2.3M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $26.5M-2.2% | $27.1M+15.4% | $23.5M-6.6% | $25.2M+12.6% | $22.3M+15.5% | $19.3M+21.4% | $15.9M-12.2% | $18.2M |
| Current Liabilities | $21.3M+3.1% | $20.6M+30.8% | $15.8M-2.6% | $16.2M+21.6% | $13.3M-24.6% | $17.6M+35.0% | $13.1M-19.0% | $16.1M |
| Long-Term Debt | $4.5M-18.7% | $5.5M-15.8% | $6.6M-13.8% | $7.6M+1.6% | $7.5M+169.5% | $2.8M+178.7% | $1.0M | N/A |
| Total Equity | -$8.8M-53.8% | -$5.7M+30.2% | -$8.2M+10.4% | -$9.2M-462.8% | -$1.6M+77.6% | -$7.3M-51.8% | -$4.8M-1.5% | -$4.7M |
| Retained Earnings | -$59.2M-6.1% | -$55.8M+1.9% | -$56.9M-6.7% | -$53.3M-17.6% | -$45.3M+6.0% | -$48.2M-19.5% | -$40.4M-3.9% | -$38.9M |
MDAI Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.7M-46.1% | -$2.6M-2.0% | -$2.5M+25.6% | -$3.4M-123.4% | -$1.5M-420.9% | $469K+128.8% | -$1.6M+69.7% | -$5.4M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | -$1K-100.0% | $7.5M+199.8% | $2.5M+1300.5% | -$207K-102.0% | $10.4M+931.0% | $1.0M+164.5% | -$1.6M-175.1% | $2.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
MDAI Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.8%+5.6pp | 45.2%+2.4pp | 42.8%-2.5pp | 45.2%-2.0pp | 47.2%+3.2pp | 44.0%-0.8pp | 44.9%+0.6pp | 44.3% |
| Operating Margin | -49.4%+5.5pp | -54.9%+33.2pp | -88.1%-46.2pp | -41.9%-28.6pp | -13.4%+1.3pp | -14.6%-3.8pp | -10.8%+21.8pp | -32.7% |
| Net Margin | -85.5%-111.2pp | 25.8%+119.4pp | -93.7%+63.6pp | -157.3%-200.5pp | 43.2%+142.9pp | -99.8%-81.4pp | -18.4%+19.9pp | -38.3% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -19.2%-24.1pp | 4.9%+28.1pp | -23.2%+26.5pp | -49.8%-63.7pp | 14.0%+76.7pp | -62.7%-49.8pp | -13.0%+7.7pp | -20.6% |
| Current Ratio | 0.75-0.2 | 0.94+0.1 | 0.85-0.0 | 0.86-0.5 | 1.41+0.8 | 0.57-0.2 | 0.730.0 | 0.72 |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$5.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.94), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Spectral AI Inc.'s annual revenue?
Spectral AI Inc. (MDAI) reported $19.6M in total revenue for fiscal year 2025. This represents a -33.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Spectral AI Inc.'s revenue growing?
Spectral AI Inc. (MDAI) revenue declined by 33.6% year-over-year, from $29.6M to $19.6M in fiscal year 2025.
Is Spectral AI Inc. profitable?
No, Spectral AI Inc. (MDAI) reported a net income of -$7.6M in fiscal year 2025, with a net profit margin of -38.5%.
What is Spectral AI Inc.'s EBITDA?
Spectral AI Inc. (MDAI) had EBITDA of -$8.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Spectral AI Inc. have?
As of fiscal year 2025, Spectral AI Inc. (MDAI) had $15.4M in cash and equivalents against $5.5M in long-term debt.
What is Spectral AI Inc.'s gross margin?
Spectral AI Inc. (MDAI) had a gross margin of 45.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Spectral AI Inc.'s operating margin?
Spectral AI Inc. (MDAI) had an operating margin of -43.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Spectral AI Inc.'s net profit margin?
Spectral AI Inc. (MDAI) had a net profit margin of -38.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Spectral AI Inc.'s operating cash flow?
Spectral AI Inc. (MDAI) generated -$9.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Spectral AI Inc.'s total assets?
Spectral AI Inc. (MDAI) had $21.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Spectral AI Inc.'s current ratio?
Spectral AI Inc. (MDAI) had a current ratio of 0.94 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Spectral AI Inc.'s return on assets (ROA)?
Spectral AI Inc. (MDAI) had a return on assets of -35.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Spectral AI Inc.'s cash runway?
Based on fiscal year 2025 data, Spectral AI Inc. (MDAI) had $15.4M in cash against an annual operating cash burn of $9.9M. This gives an estimated cash runway of approximately 19 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Spectral AI Inc.'s debt-to-equity ratio negative or not reported?
Spectral AI Inc. (MDAI) has negative shareholder equity of -$5.7M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Spectral AI Inc.'s Altman Z-Score?
Spectral AI Inc. (MDAI) has an Altman Z-Score of -3.01, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Spectral AI Inc.'s Piotroski F-Score?
Spectral AI Inc. (MDAI) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Spectral AI Inc.'s earnings high quality?
Spectral AI Inc. (MDAI) has an earnings quality ratio of 1.31x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Spectral AI Inc. cover its interest payments?
Spectral AI Inc. (MDAI) has an interest coverage ratio of -8.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Spectral AI Inc.?
Spectral AI Inc. (MDAI) scores 42 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.